Latest news
Latest news
US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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The excesses of the pre-crisis years in CMBS are a distant memory but a host of downside risks are emerging as the credit cycles reaches its peak, warned a panel of commercial real estate finance experts at the annual CREFC conference in New York on Tuesday. -
US CMBS delinquency rates are at historic low levels despite retail bankruptcies and department store closures this year, casting doubt on the hedge funds which made big bets on ‘a Big Short’ style trade on the CMBX indices.
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Analysts at Kroll Bond Rating Agency have predicted that more CMBS borrowers may elect to “defease” their collateralized bonds this year before rates creep higher, although investors say an overheated commercial real estate market could drag on prepayment rates.
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Moody’s Investors Service sounded the alarm on deteriorating underwriting standards in the US CMBS market on Friday, as interest only lending and single tenant concentrations spike to levels last seen in 2007.
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The overall delinquency rate for real estate loans packaged in CMBS transactions declined to 4.12% this month, the lowest rate in nearly a decade, according to CMBS data provider Trepp.
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A pair of single borrower CMBS offerings have entered the primary pipeline this week, highlighting the continued popularity of large loan deals in the market this year.
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Two sterling MBS transactions in the market have been tightened from initial price talk, reflecting a healthy sterling bid for paper.
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Goldman Sachs has published initial guidance on the £427m of notes issued under its UK single loan CMBS, Ribbon Finance 2018-1, while Lloyds is out with initial guidance on UK RMBS Charter Mortgage Funding 2018-1.
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LoanCore Capital priced the largest commercial real estate CLO of the year on Friday, selling the $1.05bn LNCR 2018-CRE1 via lead arrangers Goldman Sachs and Morgan Stanley, and co-managers Wells Fargo and Jefferies.
